Mumbai, October 11, 2022 (GPN):  Tracxn Technologies, the leading global market intelligence providers for private company data has received bids of 1,15,43,445 shares against the offered 2,12,69,714 equity shares, at a price band of ₹75-80, according to the data available on the stock exchanges. Overall the issue was subscribed 0.54 times on the second day of bidding.

The Retail Portion saw a positive response and was subscribed 2.60 times. The reserved portion for qualified institutional buyer portion didn’t see any bids and non-institutional segment saw a response of 0.25 times. The issue kicked off for subscription on Monday, October 10, and will close on Wednesday, October 12, 2022.

The offer is an Offer for Sale aggregating to 38,672,208 equity shares by the company’s promoters and existing shareholders. Sachin Bansal and Binny Bansal are exiting fully, while Elevation Capital and the NRJN Family Trust, Rathnagirish Mathrubootham and other marquee shareholders are selling a part of their stake.

 

On the Brokerage feedback, Arihant Capital and Hem Securities have recommended the issue a “Subscribe” rating giving reasons that it has cost arbitrage advantages, a high operating leverage and have developed a strong and scalable tech platform. Also mentioned the company has achieved breakeven in the first quarter of FY23. The customer accounts have grown at a 3 year CAGR of 30.42%- all due to increased visibility, trust and comprehensive data available across sectors and geographies. 

IIFL Securities Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the issue. The equity shares are proposed to be listed on BSE and NSE.

Company Information

Founded in 2012 by Neha Singh and Abhishek Goyal, Tracxn have received investments from Ratan Tata, the NRJN Family Trust, Neeraj Arora, Sachin Bansal, Binny Bansal, Amit Ranjan, Girish Mathrubootham, Anand Rajaraman, Amit Singhal and Ashish Gupta, Elevation Capital, Accel Partners, Sequoia Capital, Prime Venture Partners and KB Investments.

The company has an asset light business model and operates a Software as a Service (“SaaS”)-based platform, Tracxn, that has scanned over 662 million web domains, and profiled over 1.84 million entities across 2,003 Feeds categorized across industries, sectors, sub-sectors, geographies, affiliations and networks globally, as of June 30, 2022. 

The firm offers customers private company data for deal sourcing, identifying M&A targets, deal diligence, analysis and tracking emerging themes across industries and markets, among other uses, through its subscription-based platform.

The company has 3,271 users across 1,139 Customer Accounts in over 58 countries, as of June 30, 2022 and its customers include a number of Fortune 500 companies and/or their affiliates.

*Tracxn Tech’s Retail Book Subscribed 2.60 times on Day 2*

Tracxn Technologies, the leading global market intelligence providers for private company data has received bids of 1,15,43,445 shares against the offered 2,12,69,714 equity shares, at a price band of ₹75-80, according to the data available on the stock exchanges. Overall the issue was subscribed 0.54 times on the second day of bidding.

BSE + NSE Cumulative Demand Live Link: https://www.bseindia.com/markets/publicIssues/CummDemandSchedule.aspx?id=5903